The South Caucasus countries are beginning to feel the effect of Western sanctions on Russia for its invasion of Ukraine. As in Central Asia, there will be far more losers than winners.Take Georgia. Tbilisi has not had diplomatic relations with Moscow since its own war with Russia in 2008 and the Kremlin’s subsequent recognition of Abkhazia and South Ossetia as independent.Yet Georgia remains exposed. Russians tourists are a top visitor; the Worl...

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